Research indicates that an increasing number of companies accept cryptocurrencies as payment. Digital currency users prefer to exchange cryptocurrency for services and products in several ways. However, despite the fact that cryptocurrency payments are gaining more popularity worldwide, most organisations are still cautious about integrating them into their operations. 

Digital currencies operate by transferring digital assets between users via a decentralised peer-to-peer network that requires no involvement from third parties, as in the case of traditional transactions. Due to its several advantages, the demand for crypto payments has increased over the last few years. 

If you’re running a forward-thinking business and want to set it up for sustainable success, consider integrating cryptocurrency payments. Besides appealing to your clients who already own digital currency, you’ll also have lower transaction fees than when using credit cards. 

Here is what you should know about the process. 

Understand digital coin payments

If you’re reading this article, you most likely know that crypto tokens are decentralised digital currencies developed on, encrypted, and secured with blockchain technology. Unlike traditional currencies, digital ones are not regulated by a government or other entities and exist only in a digital format. 

Cryptocurrency owners can trade it for services and products, but many traders see it as an investment – an asset they add to their portfolios and hold for a while to build value. Most people purchase crypto coins in the bear market and wait for the prices to grow to sell them at a higher value. 

As stated earlier, crypto payments are unregulated and decentralised, so they work as peer-to-peer payments and can be transferred between digital wallets. Credit card and debit card payments are processed by the buyer’s bank, the card network, and your bank. 

Set up a crypto wallet

Now that you know what crypto payments imply, you should decide if you want to receive them as fiat or digital money. Fiat money is government-issued currency made with a particular commodity. Suppose you prefer cryptocurrency; you need a crypto wallet to accept payments. However, you need a crypto payment gateway to convert digital money to fiat currency. Binance, a reputable crypto wallet provider, recommends using an exchange that offers supporting services that enable you to transact digital assets and make investment decisions. 

A crypto wallet allows you to collect and store digital assets without creating a separate account if you want to convert your crypto funds into fiat currency before depositing them into your business account. You can use three types of crypto wallets:

–         Hosted wallets are innovative solutions that don’t require any technical skills. They are the most popular kind of crypto wallets, and the third-party host guarantees your assets’ protection and storage. Hosted wallets are usually great entry-level solutions because they limit your business activity to buying, trading, storing, and selling digital tokens. 

–         Hardware wallets are physical devices, so you must buy them and plug them into computers to trade, buy, sell, or perform other operations implying cryptocurrencies. They’re the most secure kind of crypto wallets but require the purchase of a physical device you must store securely. 

–         Self-custody wallets offer the software required to store your crypto assets, but you must handle the protection and security aspects. Suppose you forget your crypto credentials; you cannot recover them or your cryptocurrency. However, they offer increased flexibility over the operations you can perform.          

After you decide what digital wallet you want to use, you must follow the required steps to set up and create an account. They differ according to the wallet provider, but most likely, you must download software to access it via a desktop or mobile app. You’ll also have to create a username and password for your account to secure your data. Before picking the wallet, decide what cryptocurrencies you want to use for payments because each wallet accepts particular digital tokens. Go with the one that enables the transaction of the most currencies because the more you cover, the more clients you attract. 

Integrate cryptocurrency payments into your checkout process

Once you have a crypto wallet, you should put cryptocurrency on your website and integrate it into your checkout process, so your clients can decide if they want to use their digital coins to pay for your services. You can follow two paths. 

– Open-source API. Suppose your crypto platform includes an open-source API; you can easily integrate it within the HTML code. This option is great because it offers control over the functionality, aesthetics, and feel. However, it’s not ideal for a small business because it requires extensive technical resources. 

– App/plugin. Some ecommerce platforms allow crypto payment integration. Using a plugin could make it easier to set up crypto payments because it handles your technical aspects. You only have to download the app or plugin and install it on your website. 

Pros and cons of accepting crypto payments

Accepting cryptocurrency as a business has become more widespread over the last few years. However, it’s still more complicated than using traditional currencies. Here are the pros and cons of integrating crypto payments in your operations. 


– If you hold the cryptocurrencies for a while, the payments you get from your clients could become more valuable over time. 

– You could attract and retain new clients enthusiastic about using digital assets to purchase services and products. 

– You won’t have to worry about PCI compliance or any chargebacks. 

– Your business captures more sales as it accommodates several payment types.

– Fast online transactions that increase the conversion rate and decrease the cart abandonment rates.


– You must constantly keep an eye on the movements of the crypto market.

– If you prefer to hold digital assets, you expose your profit to price volatility.

– You need an additional tech stack. 

Last words

While some organisations still view cryptocurrency as a futuristic trend, others consider it an opportunity to expand their services. You should decide which camp you’re in.